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Fed Amends CCAR Calculations to Avert Impact on Client Clearing
The Federal Reserve has decided to rescind a technical change in the way it calculates the CCAR stress testing calculations for large banking organizations, a decision that averts a major increase in the amount of capital required for client clearing.
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Japan Proposes New Rules for HFT
On Oct. 24, the Financial Services Agency of Japan released draft regulations and supervisory guidelines to govern "high speed trading" in Japanese markets, as mandated by legislation approved in May.
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Pushback on Fed Proposal
On Oct. 11, FIA and the International Swaps and Derivatives Association sent a letter to the Federal Reserve expressing "deep concerns" with proposed changes to the capital surcharge imposed on U.S. banking organizations that are determined to be "global systemically important banking organizations."
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China Opens Door to More Foreign Investment in Brokerage Industry
On Nov. 10, China’s vice minister of finance Zhu Guangyao announced several steps to further open up China's financial industry to foreign participation.
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Technology-Neutral Regulation
On Nov. 14, five U.S. financial associations including FIA asked the Securities and Exchange Commission to update its broker-dealer electronic retention Rule 17a-4 by eliminating an obsolete recordkeeping requirement known as WORM (write once, read many) that was first put in place more than 20 years ago.
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ICE and TMX Swap Energy Assets in Europe and North America
On Oct. 27, Intercontinental Exchange and TMX Group announced a complex transaction under which ICE will swap Trayport, a trading platform widely used in European power and gas markets, for two energyrelated businesses owned by TMX plus £350 million ($459 million) in cash.
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Regulators Grapple with AI
On Oct. 31, the Financial Stability Board, the official body that coordinates financial regulation among the G-20 nations, published a report on the growing use of artificial intelligence and machine learning in financial services.
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Libor Alternative: ARRC Sets 12-Month Timetable for New U.S. Benchmark
The Alternative Reference Rate Commission, a group of industry representatives convened by the Federal Reserve Bank of New York, has established a timetable for transitioning away from the use of Libor in the U.S. derivatives markets.
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Partners in Clearing
On Nov. 1, Euronext formally renewed its clearing agreement with the Paris-based branch of LCH after extensive negotiations with LSE Group, the owner of LCH, on the terms of their relationship.
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CQG brings "care orders" into trading platform
CQG, a leading independent provider of trading software, is introducing a new feature that is designed to allow a central trading desk at a futures broker to manage trades for multiple customers.
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